TURKEY’S finance chief has held an emergency conference call with thousands of overseas investors as the country continues to grapple with its gravest lira crisis in nearly 20 years.

Berat Albayrak sought to reassure uneasy investors and economists during the mammoth call, insisting Turkey would emerge stronger from its current currency woes.

The Turkish lira plummeted to a record low against the dollar this week, falling to 7.24 before recovering slightly.

But Mr Albayrak, the son-in-law of President Tayyip Erdogan, pledged the country’s banks were not under threat, telling investors the banks were up to the task of riding out a worsening row with the United States.

Despite a slight recovery in the value of the lira against the dollar in reaction to the call, the Turkish currency still remains down some 34 percent this year.

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The US and Turkey are also embroiled in a bitter row over the role of Turkish bank Halkbank in skirting sanctions against Iran.

A senior Halkbank executive was jailed for 32 months for taking part in a scheme to help Iran avoid US sanctions in May, but Mr Albayrak played down the risk of the bank itself being slapped with fines.

He told investors: "We are not expecting any fines on Halkbank for sure.

"But hypothetically speaking, if one of our public banks need help, the government will stand strong by it for sure."

President Erdogan has urged Turks to exchange dollars into lira (Image: REUTERS)

In response to the worsening relations between Turkey and the US, President Erdogan has called for a boycott of American-made electronics goods.

The Turkish leader also urged citizens to exchange gold and foreign currency into lira, saying the country was involved in an economic war with enemies.

But figures from the country’s central bank suggest Turks are not rushing to heed his appeal.

Foreign currency deposits held by local investors rose to $159.9 billion in the week to Aug. 10, from $158.6 billion a week earlier.